As a small country, isolated from others with a strong background in agriculture, there are many similarities between New Zealand and Israel, a country I've been travelling around this week.
As part of a New Zealand business delegation, Sir Peter Gluckman led us in a meeting with Dr Avi Hasson, Israel's chief scientist to the Ministry of Economy and a man who previously worked in the high-tech industry. In a country with a political system that plays like a Hollywood drama, Avi was very clear that Israel's start-up success is through the stability of his role no matter what government was in power and through their 4.5 per cent of GDP financial commitment to R&D investment.
As one of the small, advanced nations which invests only 1.27 per cent GDP into R&D, New Zealand has been looking at Denmark, Finland and Singapore to identify defining characteristics of successful. high-tech countries. One difference I noticed in Israel was the incentives given by technology transfer offices in universities and research institutions.
If an academic commercialises their research in Israel, they personally receive 40 per cent of the revenue and their university gets the other 60 per cent. That is a huge financial incentive for a scientist to take their idea to market and a big contrast to the priorities of our current Performance Based Research Fund system, which rewards academics publishing their ideas and trade secrets quickly.